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Trex Company Reports Fourth Quarter and Full Year 2022 Results

Business Wire - Mon Feb 27, 2023

Trex Company, Inc. (NYSE:TREX), the world’s #1 brand of high-performance, low-maintenance and eco-friendly composite decking, railing and outdoor living products, today reported fourth quarter and full year 2022 results.

Fourth Quarter and Full Year 2022 Highlights

  • Quarterly net sales of $192 million; Full year net sales of $1.1 billion
  • Fourth quarter gross margin of 34.1%, up 960 bps sequentially from third quarter 2022
  • Quarterly net income of $10 million and diluted earnings per share of $0.09; Full year net income of $185 million and diluted earnings per share of $1.65
  • Adjusted quarterly net income of $25 million; Adjusted quarterly EPS of $0.23, excluding one-time non-cash loss on the sale of Trex Commercial and non-executive retention compensation
  • Adjusted fourth quarter EBITDA of $46 million; Adjusted fourth quarter EBITDA margin of 24.1%, excluding aforementioned adjustments

CEO Comments

“Our fourth quarter operating results exceeded our expectations, driven by a strong sequential recovery in both gross margin and adjusted EBITDA margin amid channel inventory recalibration,” said Bryan Fairbanks, President and CEO. ”Our underlying consumer demand remained steady, reflecting the strength of the Trex brand, our comprehensive product line designed for today’s living spaces and lifestyles, and the resilience of the outdoor living category. With long-standing relationships with best-in-class channel partners, Trex is the most widely available and purchased composite brand in North America and around the world. In recent months, we expanded our distribution network in Texas, Oklahoma and other southern states enabling us to better service many of the fastest growing markets in the U.S.

“Driving the sequential margin improvement was the full quarter benefit from the measures we took early in the third quarter to better align our cost structure with demand by decreasing production levels, right sizing our employee base, and focusing on cost efficiency programs. Further improvements are expected as we move through 2023 with the ongoing implementation of continuous improvement programs that will provide margin expansion opportunities.

“On December 30, 2022, we completed the sale of the Trex Commercial Products subsidiary and reportable segment. The divestiture reflects our decision to focus on driving the most profitable growth strategy for the Company and its shareholders through the execution of our outdoor living strategy. With the sale complete, we will dedicate all our resources to accelerating conversion to composites from wood and further strengthening our industry leadership position.

“Our confidence in the performance of our people, products, and distribution is demonstrated by our aggressive share buyback program. In the fourth quarter, we returned approximately $50 million to shareholders through the repurchase of 1.2 million shares of our outstanding common stock,” said Fairbanks.

Fourth Quarter 2022 Results

Fourth quarter 2022 consolidated net sales were $192 million, compared to $304 million in the prior-year quarter. Trex Residential net sales were $181 million compared to $288 million in the 2021 fourth quarter. Trex Commercial contributed $11 million to consolidated net sales.

Consolidated gross profit as a percentage of net sales, gross margin, was 34.1% in the fourth quarter of 2022 compared to 38.9% in the same quarter last year. Excluding net adjustments related to the sale of Trex Commercial of $0.9 million, consolidated gross margin was 34.5%.

The divestiture of Trex Commercial resulted in a $15.4 million non-cash loss. Selling, general and administrative expenses were $35.4 million, or 18.5% of net sales, in the fourth quarter. This compares to selling, general, and administrative expenses of $36.7 million, or 12.1% of net sales, in the 2021 fourth quarter. Excluding $4.3 million of other expenses related to the sale of Trex Commercial and non-executive retention compensation, selling, general and administrative expenses were $31.2 million, or 16.2% of net sales.

Net income for the fourth quarter 2022 was $10 million, or $0.09 per diluted share, compared to $25 million, or $0.22 per diluted share, in the year ago quarter. Excluding the loss on sale and other expenses related to the divestiture of Trex Commercial, and non-executive retention compensation, adjusted net income was $25 million, or $0.23 per diluted share. Adjusted EBITDA was $46 million, or 24.1% of net sales.

Full Year 2022 Results

Full year consolidated net sales were $1.1 billion compared to $1.2 billion in 2021. Trex Residential net sales were $1.1 billion with Trex Commercial contributing $47 million. Consolidated gross margin was 36.5% and Trex Residential gross margin was 37.7% compared to 38.5% and 39.3%, respectively, in 2021.

Selling, general and administrative expenses were $142 million, or 12.8% of net sales, compared to $140 million, or 11.7% of net sales, in 2021. Excluding $5.5 million related to the loss on sale and other expenses related to the divestiture of Trex Commercial, non-executive retention compensation and third quarter severance charges, selling, general and administrative expenses in 2022 were $136 million, or 12.3% of net sales.

Full year 2022 net income was $185 million, or $1.65 per diluted share, compared to $209 million, or $1.80 per diluted share, in 2021. Excluding the loss on sale and other related expenses, and the non-executive retention compensation, adjusted net income in 2022 was $201 million, or $1.80 per diluted share. Adjusted EBITDA was $313 million, resulting in an adjusted EBITDA margin of 28.3%, compared to adjusted EBITDA of $357 million and adjusted EBITDA margin of 29.8% in 2021.

During 2022, we returned approximately $395 million to shareholders through the repurchase of 6.5 million shares of our outstanding common stock.

Summary and Outlook

“With channel inventory recalibration completed by year-end 2022, we began 2023 strategically focused on our residential business, where we intend to drive accelerated wood conversion, reinforce our market leadership position, and continue to educate customers on the many advantages of the full range of Trex sustainable, high-performance, low-maintenance outdoor living products. To support these initiatives, we will continue to invest in the Trex brand and commercialize new products that broaden our market opportunity.

“Innovation remains a key competitive advantage for Trex. We recently announced the regional launch of our premium Trex Signature® decking product, which raises the bar for beauty, performance and sustainability with a whole new level of realism for wood plastic composite decking and is complemented by the full range of Trex Signature railing. We also doubled the number of color options available for our recently launched Trex Transcend® Lineage product line, which incorporates heat-mitigating technology. In addition, we introduced a tiered warranty structure for Trex decking that underscores the value of our good/better/best decking lineup. Our line-up for 2023 offers products at every price point designed to resonate with consumers seeking to optimize their outdoor living experience.

“Trex innovation also extends to our sourcing efforts. Through the NexTrex® Retail Recycling Program, companies such as Rent the Runway, LL Bean and Urban Outfitters have found a solution to transform their single-use plastic waste into beautiful and sustainable Trex® decking and outdoor products.

“With the highest production efficiency in the composite industry and a product portfolio with broad-based consumer appeal, Trex is positioned to effectively navigate uncertain economic conditions and emerge as an even stronger company. We anticipate first quarter 2023 net sales to be in the range of $230 million to $240 million.

“We expect full year 2023 EBITDA margin to be in the 26% to 27% range. In the first two months of the 2023 first quarter, our plants were building to an annual revenue rate of one billion dollars. However, if demand is different than expected, we have the ability to quickly flex our production level. Capital expenditures for 2023 are anticipated to be in the $130 million to $140 million range, primarily related to the modular build out of our Arkansas facility calibrated to demand trends,” Fairbanks concluded.

Fourth Quarter 2022 Conference Call and Webcast Information

Trex will hold a conference call to discuss its fourth quarter and full year 2022 results on Monday, February 27, 2023 at 5:00 p.m. ET. To participate on the day of the call, dial 1-844-792-3734, or internationally 1-412-317-5126, approximately ten minutes before the call and tell the operator you wish to join the Trex Company Conference Call.

A live webcast of the conference call will be available in the Investor Relations section of the Trex Company website at 4Q22 Earnings Webcast. For those who cannot listen to the live broadcast, an audio replay of the conference call will be available on the Trex website for 30 days.

Use of Non-GAAP Measures

The Company reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). To supplement our consolidated financial statements reported on a GAAP basis, we provide the following non-GAAP financial measures of adjusted net income and adjusted diluted earnings per share, earnings before interest, income taxes, depreciation and amortization (EBITDA) and EBITDA as a percentage of net sales, EBITDA margin, and adjusted EBITDA and adjusted EBITDA margin. Management believes these non-GAAP financial measures provide investors with additional meaningful financial information that should be considered when assessing our underlying business performance and trends. Further, management believes these non-GAAP financial measures also enhance investors’ ability to compare period-to-period financial results. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP and are not meant to be considered superior to or a substitute for our GAAP results. Our non-GAAP financial measures do not represent a comprehensive basis of accounting. Therefore, our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of these non-GAAP financial measures to GAAP information are included below. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions and in evaluating the company’s performance. Disclosing these non-GAAP financial measures allows investors and management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance.

Reconciliation of net income (GAAP) to adjusted net income (non-GAAP) is as follows:

Three Months EndedYear Ended
December 31,December 31,

2022

2021

2022

2021

(in thousands, except per share amounts)
Net Income

$

10,076

 

$

25,031

 

$

184,626

 

$

208,737

 

Severance charges

 

-

 

 

-

 

 

1,222

 

 

-

 

Goodwill impairment charge at Trex Commercial Products

 

-

 

 

54,245

 

 

-

 

 

54,245

 

Gain on insurance proceeds at Trex Residential

 

-

 

 

(3,245

)

 

-

 

 

(8,741

)

Loss on sale and other related expenses

 

17,159

 

 

17,159

 

Non-executive retention compensation

 

3,406

 

 

3,406

 

Income tax effect (1)

 

(5,182

)

 

(12,342

)

 

(5,490

)

 

(11,012

)

Adjusted Net Income

$

25,459

 

$

63,689

 

$

200,923

 

$

243,229

 

 
Diluted earnings per share

$

0.09

 

$

0.22

 

$

1.65

 

$

1.80

 

Adjusted diluted earnings per share

$

0.23

 

$

0.55

 

$

1.80

 

$

2.10

 

 
(1) Income tax effect calculated using the effective tax rate for the applicable year.

Reconciliation of net income (GAAP) to EBITDA and adjusted EBITDA (non-GAAP) is as follows:

Three Months Ended

Year Ended

December 31,

December 31,

2022

2021

2022

2021

($ in thousands)
Net Income

$

10,076

 

$

25,031

 

$

184,626

 

$

208,737

 

Interest income, net

 

(1

)

 

(15

)

 

(103

)

 

(15

)

Income tax expense

 

4,548

 

 

5,419

 

 

62,212

 

 

66,654

 

Depreciation and amortization

 

11,029

 

 

10,343

 

 

44,298

 

 

35,946

 

EBITDA

$

25,652

 

$

40,778

 

$

291,033

 

$

311,322

 

Severance charges

 

-

 

 

-

 

 

1,222

 

 

-

 

Goodwill impairment charge at Trex Commercial

 

-

 

 

54,245

 

 

-

 

 

54,245

 

Gain on insurance proceeds at Trex Residential

 

-

 

 

(3,245

)

 

-

 

 

(8,741

)

Loss on sale and other related expenses

 

17,159

 

 

17,159

 

Non-executive retention compensation

 

3,406

 

 

3,406

 

Adjusted EBITDA

$

46,217

 

$

91,778

 

$

312,820

 

$

356,826

 

 
Net income as a percentage of net sales

 

5.2

%

 

8.2

%

 

16.7

%

 

17.4

%

EBITDA as a percentage of net sales (EBITDA margin)

 

13.4

%

 

13.4

%

 

26.3

%

 

26.0

%

Adjusted EBITDA as a percentage of net sales (Adjusted EBITDA margin)

 

24.1

%

 

30.2

%

 

28.3

%

 

29.8

%

About Trex Company

For more than 30 years, Trex Company [NYSE: TREX] has invented, reinvented and defined the composite decking category. Today, the Company is the world’s #1 brand of sustainably made, wood-alternative decking and deck railing – all proudly manufactured in the U.S.A. – and a leader in high performance, low-maintenance outdoor living products. Trex boasts the industry’s strongest distribution network with products sold through more than 6,700 retail outlets across six continents. Through strategic licensing agreements, the Company offers a comprehensive outdoor living portfolio that includes deck drainage, flashing tapes, LED lighting, outdoor kitchen components, pergolas, spiral stairs, fencing, lattice, cornhole and outdoor furniture – all marketed under the Trex® brand. Based in Winchester, Va., Trex is proud to have been named 2023 America’s Most Trusted® Composite Decking Brand by Lifestory Research and one of 2022’s 50 Best U.S. Manufacturers by Industry Week. For more information, visit Trex.com. You may also follow Trex on Facebook (trexcompany), Instagram (trexcompany), Twitter (Trex_Company), LinkedIn (trex-company), TikTok (trexcompany), Pinterest (trexcompany) and Houzz (trex-company-inc), or view product and demonstration videos on the brand’s YouTube channel (TheTrexCo).

Forward-Looking Statements

The statements in this press release regarding the Company’s expected future performance and condition constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are subject to risks and uncertainties that could cause the Company’s actual operating results to differ materially. Such risks and uncertainties include, but are not limited to: the extent of market acceptance of the Company’s current and newly developed products; the costs associated with the development and launch of new products and the market acceptance of such new products; the sensitivity of the Company’s business to general economic conditions; the impact of seasonal and weather-related demand fluctuations on inventory levels in the distribution channel and sales of the Company’s products; the availability and cost of third-party transportation services for the Company’s products; the Company’s ability to obtain raw materials at acceptable prices; increasing inflation in the macro-economic environment; the Company’s ability to maintain product quality and product performance at an acceptable cost; the level of expenses associated with product replacement and consumer relations expenses related to product quality; the highly competitive markets in which the Company operates; cyber-attacks, security breaches or other security vulnerabilities; the impact of upcoming data privacy laws and the General Data Protection Regulation and the related actual or potential costs and consequences; material adverse impacts from global public health pandemics and global conflicts; and material adverse impacts related to labor shortages or increases in labor costs. Documents filed with the U.S. Securities and Exchange Commission by the Company, including in particular its latest annual report on Form 10-K and quarterly reports on Form 10-Q, discuss some of the important factors that could cause the Company’s actual results to differ materially from those expressed or implied in these forward-looking statements. The Company expressly disclaims any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

TREX COMPANY, INC.
Condensed Consolidated Statements of Comprehensive Income
(In thousands, except share and per share data)
 
 
 

Three Months Ended

December 31,

 

Year Ended

December 31,

2022

 

2021

 

2022

 

2021

(Unaudited)
 
Net sales

$

192,094

 

$

303,960

 

$

1,106,043

 

$

1,196,952

 

Cost of sales

 

126,602

 

 

185,780

 

 

702,054

 

 

736,448

 

Gross profit

 

65,492

 

 

118,180

 

 

403,989

 

 

460,504

 

Selling, general and administrative expenses

 

35,446

 

 

36,745

 

 

141,831

 

 

139,624

 

Goodwill impairment

 

-

 

 

54,245

 

 

-

 

 

54,245

 

Loss on sale

 

15,423

 

 

-

 

 

15,423

 

 

-

 

Gain on insurance proceeds

 

(3,245

)

 

-

 

 

(8,741

)

Income from operations

 

14,623

 

 

30,435

 

 

246,735

 

 

275,376

 

Interest income, net

 

(1

)

 

(15

)

 

(103

)

 

(15

)

Income before income taxes

 

14,624

 

 

30,450

 

 

246,838

 

 

275,391

 

Provision for income taxes

 

4,548

 

 

5,419

 

 

62,212

 

 

66,654

 

Net income

$

10,076

 

$

25,031

 

$

184,626

 

$

208,737

 

Basic earnings per common share

$

0.09

 

$

0.22

 

$

1.65

 

$

1.81

 

Basic weighted average common shares outstanding

 

109,042,968

 

 

115,360,256

 

 

111,710,676

 

 

115,461,016

 

Diluted earnings per common share

$

0.09

 

$

0.22

 

$

1.65

 

$

1.80

 

Diluted weighted average common shares outstanding

 

109,187,280

 

 

115,631,911

 

 

111,880,488

 

 

115,762,843

 

Comprehensive income

$

10,076

 

$

25,031

 

$

184,626

 

$

208,737

 

TREX COMPANY, INC.
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(unaudited)
   
 December 31, December 31,
  2022 2021
ASSETS
Current assets:  
Cash and cash equivalents 

$

12,325

 

 

$

141,053

 

Accounts receivable, net 

 

98,057

 

 

 

151,096

 

Inventories 

 

141,355

 

 

 

83,753

 

Prepaid expenses and other assets 

 

35,105

 

 

 

25,152

 

Total current assets 

 

286,842

 

 

 

401,054

 

Property, plant and equipment, net 

 

589,892

 

 

 

460,365

 

Operating lease assets 

 

30,991

 

 

 

34,571

 

Goodwill and other intangible assets, net 

 

18,582

 

 

 

19,001

 

Other assets 

 

7,398

 

 

 

5,330

 

Total assets 

$

933,705

 

 

$

920,321

 

   
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:  
Accounts payable 

$

19,935

 

 

$

24,861

 

Accrued expenses and other liabilities 

 

44,064

 

 

 

58,041

 

Accrued warranty 

 

4,600

 

 

 

5,800

 

Line of credit 

 

222,000

 

 

 

 

Total current liabilities 

 

290,599

 

 

 

88,702

 

Deferred income taxes 

 

68,224

 

 

 

43,967

 

Operating lease liabilities 

 

23,974

 

 

 

28,263

 

Non-current accrued warranty 

 

20,999

 

 

 

22,795

 

Other long-term liabilities 

 

11,560

 

 

 

11,560

 

Total liabilities 

 

415,356

 

 

 

195,287

 

   
Preferred stock, $0.01 par value, 3,000,000 shares authorized; none issued and outstanding 

 

 

 

 

 

Common stock, $0.01 par value, 360,000,000 shares authorized; 140,841,833 and 140,734,753 shares issued and 108,743,423 and 115,148,152 shares outstanding at December 31, 2022 and December 31, 2021, respectively 

 

1,408

 

 

 

1,407

 

Additional paid-in capital 

 

131,539

 

 

 

127,787

 

Retained earnings 

 

1,130,674

 

 

 

946,048

 

Treasury stock, at cost, 32,098,410 and 25,586,601 shares at December 31, 2022 and December 31, 2021, respectively 

 

(745,272

)

 

 

(350,208

)

Total stockholders’ equity 

 

518,349

 

 

 

725,034

 

Total liabilities and stockholders’ equity 

$

933,705

 

 

$

920,321

 

TREX COMPANY, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
 
Year Ended

December 31,

2022

2021

(unaudited)
Operating Activities
Net income

$

184,626

 

$

208,737

 

Adjustments to reconcile net income to net cash provided by operating activities:
Goodwill impairment losses

 

-

 

 

54,245

 

Depreciation and amortization

 

44,298

 

 

35,946

 

Deferred income taxes

 

24,256

 

 

21,012

 

Loss on sale

 

15,423

 

 

-

 

Stock-based compensation

 

5,329

 

 

8,438

 

Gain on disposal of property, plant and equipment

 

(27

)

 

(45

)

Other non-cash adjustments

 

(117

)

 

40

 

Changes in operating assets and liabilities:
Accounts receivable

 

42,513

 

 

(44,349

)

Inventories

 

(64,454

)

 

(15,515

)

Prepaid expenses and other assets

 

7,925

 

 

(8,715

)

Accounts payable

 

(5,595

)

 

(3,473

)

Accrued expenses and other liabilities

 

(14,385

)

 

(5,285

)

Income taxes receivable/payable

 

(23,572

)

 

7,028

 

 
Net cash provided by operating activities

 

216,220

 

 

258,064

 

 
Investing Activities
Expenditures for property, plant and equipment

 

(176,228

)

 

(159,394

)

Proceeds from sale of assets

 

7,290

 

 

-

 

Proceeds from sales of property, plant and equipment

 

54

 

 

1,355

 

 
Net cash used in investing activities

 

(168,884

)

 

(158,039

)

 
Financing Activities
Borrowings under line of credit

 

425,000

 

 

494,500

 

Principal payments under line of credit

 

(203,000

)

 

(494,500

)

Repurchases of common stock

 

(398,382

)

 

(82,473

)

Proceeds from employee stock purchase and option plans

 

1,742

 

 

1,800

 

Financing costs

 

(1,424

)

 

-

 

 
Net cash used in financing activities

 

(176,064

)

 

(80,673

)

 
Net (decrease) increase in cash and cash equivalents

 

(128,728

)

 

19,352

 

Cash and cash equivalents at beginning of period

 

141,053

 

 

121,701

 

 
Cash and cash equivalents at end of period

$

12,325

 

$

141,053

 

TREX COMPANY, INC.
 
Segment Data
(in thousands)
(unaudited)
Trex

Consolidated (1)
Trex

Commercial (1)
Trex

Residential (1)
Trex

Residential

Adjustments
Adjusted

Trex

Residential (1)
As of and for the Year ended

December 31, 2022
Net sales

$

1,106,043

 

$

46,507

 

$

1,059,536

 

$

-

 

$

1,059,536

 

Cost of sales

 

702,054

 

 

42,365

 

 

659,689

 

 

-

 

 

659,689

 

Gross profit

 

403,989

 

 

4,142

 

 

399,847

 

 

-

 

 

399,847

 

Selling, general and administrative expenses (2)

 

141,831

 

 

10,070

 

 

131,761

 

 

(4,432

)

 

127,329

 

Loss on sale

 

15,423

 

 

15,423

 

 

-

 

 

-

 

 

-

 

Income from operations

 

246,735

 

 

(21,351

)

 

268,086

 

 

4,432

 

 

272,518

 

Interest income, net

 

(103

)

 

-

 

 

(103

)

 

-

 

 

(103

)

Income before income taxes

 

246,838

 

 

(21,351

)

 

268,189

 

 

4,432

 

 

272,621

 

Provision (benefit) for income taxes

 

62,212

 

 

(5,101

)

 

67,313

 

 

1,117

 

 

68,430

 

Net income (loss) (2)

$

184,626

 

$

(16,250

)

$

200,876

 

$

3,315

 

$

204,191

 

EBITDA (3)

$

291,033

 

$

(20,226

)

$

311,259

 

$

4,432

 

$

315,691

 

Depreciation and amortization

$

44,298

 

$

1,125

 

$

43,173

 

$

-

 

$

43,173

 

Capital expenditures

$

176,228

 

$

324

 

$

175,904

 

$

-

 

$

175,904

 

Total assets

$

933,705

 

$

-

 

$

933,705

 

$

-

 

$

933,705

 

 
As of and for the Year ended

December 31, 2021
Net sales

$

1,196,952

 

$

57,686

 

$

1,139,266

 

$

-

 

$

1,139,266

 

Cost of sales

 

736,448

 

 

44,994

 

 

691,454

 

 

-

 

 

691,454

 

Gross profit

 

460,504

 

 

12,692

 

 

447,812

 

 

-

 

 

447,812

 

Selling, general and administrative expenses

 

139,624

 

 

9,614

 

 

130,010

 

 

-

 

 

130,010

 

Goodwill impairment

 

54,245

 

 

54,245

 

 

-

 

 

-

 

 

-

 

Gain on insurance proceeds

 

(8,741

)

 

(8,741

)

 

-

 

 

(8,741

)

Income from operations

 

275,376

 

 

(51,167

)

 

326,543

 

 

-

 

 

326,543

 

Interest income, net

 

(15

)

 

-

 

 

(15

)

 

-

 

 

(15

)

Income before income taxes

 

275,391

 

 

(51,167

)

 

326,558

 

 

-

 

 

326,558

 

Provision (benefit) for income taxes

 

66,654

 

 

(12,846

)

 

79,500

 

 

-

 

 

79,500

 

Net income (loss)

$

208,737

 

$

(38,321

)

$

247,058

 

$

-

 

$

247,058

 

EBITDA (3)

$

311,322

 

$

(50,163

)

$

361,485

 

$

-

 

$

361,485

 

Depreciation and amortization

$

35,946

 

$

1,005

 

$

34,941

 

$

-

 

$

34,941

 

Capital expenditures

$

159,394

 

$

1,826

 

$

157,568

 

$

-

 

$

157,568

 

Total assets

$

920,321

 

$

39,096

 

$

881,225

 

$

-

 

$

881,225

 

 
As of and for the Year ended

December 31, 2020
Net sales

$

880,831

 

$

53,039

 

$

827,792

 

$

-

 

$

827,792

 

Cost of sales (4)

 

521,374

 

 

37,574

 

 

483,800

 

 

(6,480

)

 

477,320

 

Gross profit

 

359,457

 

 

15,465

 

 

343,992

 

 

6,480

 

 

350,472

 

Selling, general and administrative expenses

 

125,822

 

 

9,516

 

 

116,306

 

 

-

 

 

116,306

 

Income from operations

 

233,635

 

 

5,949

 

 

227,686

 

 

6,480

 

 

234,166

 

Interest income, net

 

(999

)

 

-

 

 

(999

)

 

-

 

 

(999

)

Income before income taxes

 

234,634

 

 

5,949

 

 

228,685

 

 

6,480

 

 

235,165

 

Provision for income taxes

 

59,003

 

 

1,515

 

 

57,488

 

 

1,630

 

 

59,118

 

Net income (loss) (4)

$

175,631

 

$

4,434

 

$

171,197

 

$

4,850

 

$

176,047

 

EBITDA (3)

$

251,575

 

$

6,758

 

$

244,817